Chinese tech giant Xiaomi (OTCPK: XIACF) on Thursday revealed the official pricing of its first EV- the SU7 sedan. The car, touted to be a rival to Tesla Inc‘s Model S and the Porsche Taycan, is priced way lower than the two.



What Happened: The vehicle will have a starting price of 215,900 yuan (about $28,872), Xiaomi CEO Lei Jun said at the launch event on Thursday. The pricier variants of the sedan, called Pro and Max, will start at 245,900 ($34,022) and 299,900 yuan ($41,494), respectively.



The car was first unveiled in December, with Xiaomi aiming to become one of the world's top five automakers. During the unveiling event, the CEO compared the vehicle to the Porsche Taycan and the Tesla Model S, creating expectations for the vehicle to be a higher-end EV.



The official pricing sets the Xiaomi SU7 at 30,000 yuan ($4,151) less than Tesla’s most affordable option. In China, Tesla’s Model 3 base model begins at 245,900 yuan ($34,025), with the Long Range version available for 285,900 yuan ($39,559). The lower-priced variant of the Model S is still 399,000 yuan ($55,210) more expensive than SU7’s higher-end variant.



More About SU7: Xiaomi started taking orders for the car on Thursday and received over 50,000 orders in less than half an hour. Deliveries will commence in late April. 



The vehicle is available in 9 colors, including radiant purple and lava orange, and boasts a maximum range of 810 km, significantly higher than the Model 3’s 606 km. 



“The essence of EVs lies in three key elements: car, electric, and intelligent. Over the past decade, we’ve witnessed tremendous progress in overcoming the challenges of vehicle electrification. In the next decade, I believe the focus is rapidly shifting towards intelligence. This is where the next battleground for the EV market is,” Lei Jun said. 



Founders of popular Chinese EV startups including Nio, XPeng, and Li Auto attended the event on Thursday. Chairmans of BAIC Motor and Great Wall Motor were also present. 



Price Action: Hong Kong-listed shares of Xiaomi rose 1.22% to close at HK$14.94 ($1.91) on Thursday. The stock is down nearly 3.5% year-to-date. 



Check out more of Benzinga’s Future Of Mobility coverage by following this link.



Image Credits – Sudhanshu Singh/Benzinga



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Xiaomi's first electric vehicle, the SU7 sedan, will be priced below $70,000, making it significantly cheaper than Tesla's Model S and Porsche Taycan. Xiaomi received over 50,000 orders for the car in less than half an hour. Deliveries will commence in late April.

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Xiaomi's SU7 Sedan Aims To Challenge Tesla's Model S With Price Lower Than Entry-Level Model 3